Vancouver went from a 9.1 per cent jump at its peak in 2018 to a 0.3 per cent drop this year. The dip coincides with B.C’s housing plan aimed to make homes more affordable, which included a 20 per cent foreign buyers tax.

Those four markets combined represent 60 per cent of the weight of the national index.

Meanwhile, prices in some of Canada’s more affordable markets have gone up. Ottawa is up 5.2 per cent and London is up 3.2 per cent. Those two markets have led the country for eight consecutive months.

The national average price of a new home also fell in January compared to December — the first monthly drop since February 2018. The decline follows five straight months of unchanged prices.

At 0.3 per cent — the largest monthly price drop occurred in Saskatoon.